However, I am not sure about the move from 2008 low to 2001 high labelled as 5 wave impulse and likewise suggesting that we are now in 5 wave decline from 2011 high, in so doing it is suggested that the initial decline of 2011 high to October 2011 swing low qualifies as wave 1. If correct then in lower time frame it should have minor 5 waves. Count how you wish, I can only see a rather than 5 waves.
In contrast I see the entire rally from 2008 -2011 high as WXY and retracement since 2011 high as with wave c as possible , with approx low to form around 0.70
If correct I anticipate strong rally of this low either to retest 2011 high or as a part of complex correction with 0.86 - 0.95 as upside target.
Summary if technicals:
1. Initial decline from 2011 high to October 2011 swing low is a hence part of correction rather than new impulsive 5 wave decline.
2. Retrace to Feb 2012 high was also a .
3. Since the Feb high we have for form wave 1 which in turn is part of larger ( of potentially 3-3-3-3-3 construction) which is nearing completion around 0.70.
4. 0.70 is a of rally from 2008 - 2011 high and has confluence with other fib projections show on the chart.
5. Rising from 2008 low also come in as potential support in that proximity.
6. price zone where previous structure highs and lows were formed.
7. General sentiments among traders is very .
8. Finally we might see hidden in price where might form new lower low compared with 2008 and price possibly making higher low.
9. Invalidation level strong close below 0.70
Incidentally, the above anticipated low seems to make sense when compared with Gold which has strong positive correlation with AUDUSD and is also forming its potentially to complete its correction since 2011 high.
Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.
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If the price comes back to 0.7246 I think that the agressive buyers will come again and push the price higher once more.
Here is my analysis:
However, I am sure you will accept:
1 That trends are relative to time frame under consideration.
2. Within larger trend there are intermediate trends or strong retracements that last several years and are relatively deep.
It is withing this concept that I think we could have strong rally or deep retracements even retest of 1.10 could be feasible and might not alter your view of longer term downtrend.